(Reuters) – Wells Fargo & Co reported a 16.4 percent jump in quarterly profit on Friday, as the lender reaped the benefits of its aggressive cost-cutting efforts.
Noninterest expenses fell 7.5 percent to $13.9 billion in the first quarter from a year earlier. The bank said it was on track to meet its 2019 expense target of $52 billion to $53 billion.
Wells - Fargo - US - Bank - Assets
Wells Fargo, the fourth-largest U.S. bank by assets, has been leaning on cost cuts to grow its profits in the aftermath of a wide-ranging sales scandal that has crimped revenue, hurt its...
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